Bank of America has paid no corporate income tax for the last three years. They managed to pay less than most individual families across America through complex and devious legal techniques, including moving their profits to offshore locations in places like the Cayman Islands.
Bank of America helps finance four out of the five biggest payday loan shops across the company, Advance America, EZCORP, ACE Cash Express, and Dollar Financial.
Despite holding a huge number of failed home mortgages, Bank of America continues to be one of the hardest banks to negotiate with when it comes to loan modifications and principle reductions that can keep homeowners in their homes.
Bank of America is the leading financier of the coal industry in America. They lend to 40% of the corporations that engage in mountaintop removal to extract coal. Much of that work occurs in the Appalachian mountains here in Virginia and neighboring states.
While the crowd drummed out, "Bank of America, Bad for America" in the echoing city streets outside, shareholders inside wore-down CEO "Big Bank" Moynihan over two and a half hours of questions. Though he did not agree to meet with us to discuss how BofA can improve, he did say over and over, "I am listening to your concerns, I will take it under consideration as we move forward at Bank of America." A token promise? If so, you will have more chances to protest the bank with Virginia Organizing in the future!
Our leaders came back energized and committed for more corporate accountability of the big banks. Please join us in divesting from the big banks and move your money to a local bank or credit union. Click here to find out how: www.moveourmoneyusa.org
Thanks again for all you do,
Sandra A. Cook
P.S. Mark your calendar: Saturday, August 11 is our Grassroots Gathering in Richmond!